Oh yeah, another thing: The kids will love it.
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Oh yeah, another thing: The kids will love it.
- Barrick wanted to pay the ~U$16m fine that was slapped on it by Chile's Environment Superintendency (SMA), because it considered it a good deal under the circumstances and once paid, they could get on with reactivating their white elephant supreme.
- But the courts stopped them from paying it, saying it was badly done and too little. The case reached the Supreme Court a couple of months ago and the partial ruling came yesterday.
- And the ruling: The Supreme Court says ABX can't pay the $16m because it says the SMA went about its job incorrectly and should have fined Barrick for separate infractions, rather than lumping them all into one fine.
- With this ruling the chances are that ABX is facing a much bigger enviro fine, with estimates ranging between U$130m and U$300m. Yeah, seriously.
- Whether or not that kind of number happens, or whether ABX will eventually pay, is a question for 2015. What we do know is that the SMA has to come up with a new number to fine ABX.
This from Panama's "Critica" newspaper, linked here. Translation your author:
Don't say we didn't warn you.The government of Panama has initiated the paperwork to revoke the operating permit of the Petaquilla Gold mining company, due to its non-compliance in payment of social security dues to its work force, said the Minister of Work today, Luis Ernetso Carles. Carles said that the legal representative of the company, Richard Fifer, was now under criminal charge from the Social Security Office (CSS) due to the non-compliance of social security payments for the company's 604 workers, according to a government communique."The actions of the legal representative of Petaquilla stain the employment opportunities in the country", said Carles, while informing that Petaquilla Gold currently owes three months of salaries and employees debts that total around U$3.8m. The Panamanian Minister showed his concern of the situation faced by the workers, due to the lack of responsibility for the payment of dues by the Canadian capital company.The Petaquilla Gold company is located in the district of Donoso, in the province of Colón, some 130km West of the capital.
PS: the stock recos are on the second part, which is here.
1) Gold to trend up gradually, with a rough U$1,400/oz target for some time at the end of the year. For sure with the normal wobbly stuff along the way and I wouldn't bat an eyelid to see it go under U$1,100/oz again at some point or other, but talk of its utter demise (South of 1k) strikes this author as plain silly talk from people who don't get the sector.
2) The gold/silver ratio to stay high, by which we mean 1/70 or above. It can spike down briefly under that along the way, but I don't expect it to trend down meaningfully. When they call silver "the poor man's gold", the real message is "the choice that poor people make". Semi-on-topic, I'd definitely hold gold miner stocks over silver miner stocks this year.
3) Uranium will go nowhere again. We're in the high $30s today, it could fluctuate up into a 4-handle, down through to the 2s, but the prediction is to watch it flatline in general terms. Uranium's going the way of the buggy whip, the world has moved on from the fallacy of "near limitless/near free energy" and knows how expensive these things are to decom, the type of cost that's built into projections by serious countries (China an obvious exception to that category).
4) Barrick (ABX) will merge with Newmont (NEM). It's long past fusion date for these two. The sooner the outsized self-important egos on both boards start caring less about themselves and more about their shareholders, the better.
5) Copper to maintain around U$3/lb average for 2014. This is perhaps the toughest and most important commod market to call in the year ahead. Also (and to push my luck on the prediction) it wouldn't surprise me in the least to see Cu weak in the first part of the year, trending higher in the second part. If it exits between $3.10/lb and $3.20/lb I'd be a happy long.
6) Venezuela's government to be bailed out by China. It's no secret that Venezuela's finances are under severe pressure due to the drop in oil prices, but it's not going to lead to a fall in the government in 2015 (sorry haters, it's the way it is). China wants crude oil and has dollars, Venezuela wants dollars and has crude oil, the two countries get along just fine, the synergies are obvious. The question is how much Venezuela will have to cede for the bailout.
7) It's a difficult call this early in the process, but I'm contractually obliged to make a call on the Argentina presidential election so the forecast is for Daniel Scioli to be the next President of Argentina. Main opponent is Massa, in with a squeak is Macri, outsider Randazzo, the rest are just noise. But it's still a very fluid situation so this one is only tentative. For the record, the Argentina vote slated for October is the biggest single political event in LatAm this year and arguably the most important one in terms of regional repercussion potential for the last five or even ten. It's going to be big, noisy and full of FpV/CFK-hate in your English language press (who'll be rooting for Massa and/or Macri).
8) Argentina to win the Copa America 2015, the equivalent of the European Championships for the continent, held in Chile in June/July this year. If that doesn't turn out right, hosts Chile must be in with a strong chance and I'd place them as clear second faves today. FWIW it's easy to bet against a Brazil that will need a couple of years to re-build after its World Cup disaster (no other word for it).
9) River Plate to win the Copa Libertadores (for those of you who don't know, that's the LatAm equivalent of the Champion's League trophy). This is the easiest forecast of the year. Vamo lo millo.
10) Argentina to beat Ireland in the Quarter Finals stage of the 2015 Rugby World Cup, held in the UK in October. How about that for a specific forecast? (Also, the All Blacks for the cup).
...he's one of Chet Idziszek's lackeys. Today's news here, excerpt here:
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 29, 2014) - Astur Gold Corp. (TSX VENTURE:AST)(CDC.F) ("Astur Gold" or the "Company") announces the appointment of Astur Gold Director Mr. Douglas Turnbull as new Chief Executive Officer and President of the Company effective immediately. He is replacing Cary Pinkowski, who is stepping down as Chief Executive Officer and President to pursue other opportunities. The Board of Directors of Astur Gold thank Mr. Pinkowski for his efforts as President and Chief Executive Officer of the Company. Mr. Pinkowski will remain on the Board of Directors."I have great confidence in Doug Turnbull to take over as CEO and President of Astur Gold," stated Mr. Pinkowski. "He was previously a Director of Astur Gold for several years and is very familiar with the Company and its projects."Mr. Turnbull stated: "Although the Company faces many challenges in these difficult times culminating in the recent news about Salave, my decision to take on this position is based on my belief that new opportunities can be sought out for the Company. In the meantime, we will wait to review the detailed report of the decision by the Commission for Environmental Affairs of the Principality of Asturias and to address the specific technical concerns expressed by the Cantabrian Hydrographic Confederation that lead to the recent denial of our permit application. Our immediate focus will be to protect our assets in Spain in the interest of our shareholders and our principal Salave financier, RMB Resources Limited."
"Anyone with a memory about how long ECU Silver bullshitted the world and what that bullshit managed to do with the naive idiot cash poured into it from the incessant GATA-centric pumps (Bill Murphy, Wistar Holt, "Mexico Mike" Kachawhatsit) will know what Altmann is about. The mere fact that the LYD management team is desperate or stupid (or both) enough to want him on board is testament to their business nous: it's zero. Scam pumper scumballs like Altmann shouldn't be on junior mining boards of directors. They should be in jail. Lay with dogs and get fleas, dumbass LYD people."
And here's the price chart of LYD.to from that date to this:
Any further questions?
*I made sure by running a search. Yup, not a mention since then
Santa Rosalia, Baja California Sur (BCS). A large part of the workforce of the El Boleo mining company, located in Santa Rosalia, were evacuated at around 11am today by order of management due to the escape of strongly polluting smoke that threatened to poison personnel at the plant.
According to reports from some of the workforce, several people left the zone with irritated eyes, nausea and stomach aches among other symptoms due to the smoke coming from chimneys that covered all work zones.
This is not the first time that the company has seen a similar situation, according to unofficial reports.
Employees were threatened with losing their jobs if anyone reported the irregularities of the Korean company, according to a reporter in the area.
You need smarter PR, ebola.
Not thinking it through, ebola.
Not killing white people, ebola.
Nobody cares about you, ebola.
- Louis Van Gaal is beginning to get what he wants; most (if not all) of the 90 minutes either controlled or dominated by his team.
- Wayne Rooney looks great in his new position, 5 to 10 metres behind the front line. Two goals today and he'll take home the MotM award by rote and modern expectations. Her played well and linked smartly with Falcao.
- On that subject, Radamel Falcao is finally showing good form for Man Utd. He's had injury problems and has otherwise spluttered, but his play today was excellent. A few more like today and he'll start winning the fans over (about time too).
- Jones in defence was the second best player on the pitch. High quality defending his line and dangerous surging forward, he gives Man Utd an extra option that bypasses midfield and gets the ball to the forward line
- But the best was Juan Mata. Not a doubt. He bossed the game from start to finish and if he is 100% back in favour this evening from your preferred footy pundit after a painful time under moyes and then LVG stage one, change your preferences.
- As for those not playing, Di Maria will fit right into this newly flowing team once he's back from injury. Fellaini was not and will not be missed. Januzaj should be talking to his agent as soon as possible.
- Silver has done badly in 2014 (see above)
- Oil has done badly in 2014 (which of course includes the go-getter oil stocks, particularly those shale/bakken/alt hydrocarb things the same mainstream braindeaders wanted me to buy)
- Junior explorecos running on fumes have done badly.
- Gold did badly in 2013. Last year, not this year. I mentioned that again for a reason.
Daft Punk, One More Time.
UPDATE: Reader GA is correct when writing in to comment, "...when it comes to moving tonnes of rock from A to B, slavery beats capitalism all day"
Four things that people buying Eco Oro (EOM.to) this morning should consider learning at some point in the future
1) The Spanish language. That's the most obvious one.
2) At least a little about Colombian politics.
3) How to read a balance sheet.
4) That you shouldn't believe everything you read, especially when the words are written by people paid to promote junior mining companies.
1) Gold, at ~$1,200/oz today, is close to its bottom.
2) Quality junior mining companies and explorecos will finally split away from the cruddy juniors and we'll see an all-important gap develop between the companies that need to die and those that will survive and eventually thrive.
3) Copper will be weak in 2014, with supply outstripping demand and new lows of under $3/lb registered (put me down for $2.80/lb on multiple days, not just a single spike). Average for the year to be around $3.10/lb
4) Uranium won't break $40/lb at any point and the sector will continue to get the rah-rah from the promo people still holding their large bags.
5) Dilma Rousseff, President of Brazil, will be re-elected in 2014.
6) Evo Morales, President of Bolivia, will be re-elected in 2014.
7) Juan Manuel Santos, President of Colombia, will be re-elected in 2014.Score: 1 point. As with the Dilma vote, it was closer than I'd expected for a while and Juanma got taken to a second round run-off by the right wing hatergottahate Zuluaga/Uribe brigade, but Colombia made the right choice in the end.
8) Both Argentina and Venezuela will continue to defy and confound the non-stop barrage of criticism from the western media and get through 2014 just fine.Score: 1 point. Yes that one's turned out correct. We can debate Venezuela if you want, but the way it's painted from the outside (dictatorial regime about to be toppled any moment) is a far cry from the reality inside the country because you can love em or hate em, but the PSUV party has a tight grip on power and runs the show still. As for Argentina, yeah for sure it's a nuthouse but it's doing just fine under all the blahblah. Sorry haters, I win you lose.
9) Juan Martin Del Potro will win at least one of the Grand Slam tournaments this year.Score: 0 points. Turns out my wishes for Delpo were misplaced, his wrist injury has haunted him all season and we've hardly seen the dude play. Oh well, next year.
10) And finally, the big one: Brazil will win the 2014 World Cup.
Trust Bank of Russia got a 60 Billion Rouble bailout today.
What do the plummeting oil prices tell us not only about our near term economic future in Canada, but the political fragility of the world's petro states?If Canada fully joins the petro state club, as our prime minister and his party desire, is oil's volatility just the cost of doing business, or a threat to our nation's well-being?The ideal person to ask is Terry Lynn Karl, one of North America's foremost experts on the politics of oil. The Tyee recently caught up with Karl, who teaches at Stanford University and lives in San Francisco.
The seventh year running, I believe:
It's still the best Christmas song ever, no matter how many times I try to stuff it down your throat. Merry Christmas one and all, hope you have a pleasant one with your families, too.
Impossible not to love...
...Rocks, by Primal Scream.
This makes up for tomorrow's Friday OT.
- The US Automotive Retail Chamber of Commerce today said that it's a smart idea to buy a new car in 2015.
- The potato marketing board of Idaho today stated that potatoes are delicious, nutritious and you should eat more potatoes.
- Scientifically based findings in a groundbreaking medical report sponsored by the World Chocolate Council show overwhelming evidence that eating chocolate is good for you, helps weight control and stimulates a higher sex drive as well as imparting more pheromonal scent into the air arround you that will immediately attract the more beautiful and otherwise unattainable members of the opposite sex.
- The Tree Frog Society of Madagascar predicts a threefold growth in the popularity of tree frogs in 2015.
- The Campaign To Prove That The Pope Is Catholic today released susbstantial evidence to support the case that the Pope is indeed Catholic.
- The Fur Coat Club of Canada today released experimental results using cutting-edge brainwave reading technology that proves beyond reasonable doubt that small furry animals enjoy being trapped and killed in large metal trapping devices and that people should take this evidence into account when shopping for their next warm and luxurious winter coat.
By nastily and unfairly and horribly picking on one just one bullshit airbag zero-chance junior exploreco IKN offers insight into many others
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 18, 2014) - Rokmaster Resources Corp. (TSX VENTURE:RKR)(RKR.V) ("Rokmaster" or the "Company") is pleased to announce its exploration team has made significant progress in narrowing its search for a silver-gold property having near term production potential. Our recent exploration initiative has culminated with the detailed evaluation and identification of three contending high quality properties. Two have near term silver-gold production potential with exploration upside and the third property is currently in small scale production. All three properties are available for acquisition and well located with existing infrastructure in stable jurisdictions in the Americas.
From here, this bright and sunny early Thursday morning:
"Those of you who continue to insist you can even remotely forecast what might happen next continue to reveal incredibly foolish, thoroughly disproved beliefs, despite an overwhelming avalanche of evidence that you haven’t the slightest idea what the fuck is going on now, much less what is going to happen next."
PS: Anyone stupid enough to think CEO dot CA is the place to hang out in order to get good investment advice deserves what's coming to them, good and hard. Frequenting a website that exists for the sole purpose of licking the collective assholes of mining company management proves how fucking stupid you are.
Nicely done by Eric Garland over at his joint. Picture stolen here:
WINNEMUCCA, NEVADA--(Marketwired - Dec 17, 2014) - Paramount Gold and Silver Corp. ("Paramount" or the "Company") (NYSE MKT:PZG)(PZG.TO) and Coeur Mining, Inc. ("Coeur") (CDE) have entered into an agreement and plan of merger, dated as of December 16, 2014 (the "Merger Agreement") pursuant to which Coeur will acquire all of the issued and outstanding shares of common stock of Paramount and the San Miguel Project (the "Merger"). As a condition to closing the Merger, the shares of Paramount's subsidiary holding its Nevada mining assets will be spun-off to holders of the Company's common stock.
In order to spend more time with his yacht in the Med. Link here
Some of the most informative NRs are the short ones that say very little.
GDD002 intersects 48m @ 4.09 g/t Au, 15.82 g/t Ag and 0.22% Cu from 38 m, including: 4m @ 47.6 g/t Au, 90.55 g/t Ag and 0.57% Cu from 60 m. -- This mineralisation is predominantly hosted in skarn and can be correlated on section to previously reported high-value surface channel samples approx. 250m to the south-west. -- Three broad zones of highly elevated copper with associated gold and silver geochemistry returned in assays for the top 228m of this hole, which was completed to 768m. Assays are awaited for the rest of the hole. -- The significant intersection in GDD002, in combination with GDD001, provides further evidence of a large, strongly mineralised porphyry system at Misima. -- The new results have helped define a structural corridor within which upper level propylitic or halo alteration and associated porphyry mineralisation occurs, suggesting that this is the priority target area for further deep diamond drilling. -- Scout diamond hole GDD003, located 500m to the south-east from GDD0002, is currently at a depth of 631m.
UPDATE: Best feedback received so far is from reader M: "Why didn't they go for 160m at 1g/t, amateurs!"
It's 5.3Mb, it's 142 pages, it's dated today December 16th 2014, it covers all the angles, it's on this link right here. As for the front cover summary:
#1 Benchmark indices & a third year of under-performance: Following powerful price corrections, investors may be tempted to re-establish long exposures. However, US dollar strength should sustain the under-performance of commodity benchmark returns relative to equities.
#2 Living with lower oil prices: We believe Brent oil prices below USD60/barrel would, over time, inflict damage on US oil supply prospects. A more powerful and sustained slump in oil prices towards USD40/bbl would, in our view, be only likely to occur in a much weaker global growth environment.
#3 Natural gas supply growth: With 2015 supply growth likely to exceed the level needed to balance the market, we expect this year’s storage deficit to be eliminated by the end of Q1-15. Building surpluses over the balance of the year are likely to weigh on prices particularly in the summer.
#4 The Fed & gold: Lower oil prices will inflict more damage on the S&P500 than the US real economy and encourage an expansion in central bank balance sheets outside of the US. These may provide pockets of support for gold, but, US financial forces will eventually overwhelm and drive gold prices lower.
#5 The curse of over-valuation: Palladium has taken on the mantle of the world’s most richly priced commodity. While lower oil prices and a falling US unemployment rate should propel US auto sales higher, palladium fundamentals have to remain robust to justify our bullish price forecasts.
#6 Copper’s exposure to the property slowdown in China: Unlike energy, agricultural and bulk commodities, where prices are back to levels last seen in 2009, industrial metal have been more resilient. However, the copper market is moving into surplus and the lagged effects of the weaker Chinese property market will hit copper demand, as a result copper is our preferred short.
#7 Bulk commodities & the US dollar: Depreciating currencies have given bulk producers some breathing space to tolerate further price declines. This may delay the necessary production cuts, which will mean prices drift lower.
Whole thing here. Up to you whather you agree with DB or not.
Not by our feeling, but by others' seeing.
1) FR.to stock pops hard and against the grain of market peers at the open.
2) People start going "Huh WTF?" and the way things are these days I'm roped in (wholly voluntarily, but I'm pulled into the loop all the same) by those looking for an answer. We look together, pool resources, ask around, usual style.
3) Reasonable intel comes back over the jungledrum (and in all these cases "reasonable" involves a vetting process else you'd get to hear about all sorts of sillystuff rumours on these pages).
4) Instead of keeping the reasonable junglydrum snippet inside the usual walls, I pass it on here at the blog to (as noted yesterday) 'level the playing field', as it kinda irritates me that there's this two tier rumour system in Canada that rarely lets retail in on the juice.
On October 21st Casey Research charged its bleating flock $20 for its "Prepare For the 2014 Crash" report. And after urging you on by saying (and we quote)...
"Now is the time to take action. Not in the next few months or even in the next few weeks—Right now."...in the panic-laden Crash report, let's see how the Doug Casey prediction is panning out. Unlike the memory-lapsing Olivier Garret who tried to lull us into some revisionist bullshit on November 26th, we at IKN are clear about the main calls and trade recos offered by Casey Research in its paid-for panic call in October. The integral parts of the plan were the following:
- The S&P500 hasn't crashed, it's 2 1/2 % over the last eight weeks
- Also true for KRE, which is up 3%
- IYT has been higher of course, but it's still 5% up in the period
- Meanwhile, the safe haven call of gold, the one that should have gone up, is down by nearly 5% in the period.
, /CNW/ - Pacific Potash Corporation (TSX-V: PP) ("Pacific Potash" or the "Company") announces that its personnel in have advised that the funds wired to in order to make the tax payment due to the DNPM at the beginning of December were not received for unknown reasons and therefore the tax payment was not made by the required deadline. As a result, management has been advised that the Company's tenemants in may be revoked by the DNPM. The new management team for the Company is working to resolve this matter as soon as possible.